Homebuyers now value transport links more than square footage as priorities change post-Covid

By Bridging Loan Directory 20th August 2024

UK homebuyers are placing far greater emphasis on transport links when looking for a home, while the square footage of a property has become less important as priorities shift in the post-pandemic climate, according to new research from Market Financial Solutions.

The London-based specialist lender commissioned an independent survey among 412 UK adults who have bought a property in the UK in the past year or are currently buying one.

Repeating an identical survey from 2021, MFS asked the homebuyers which factors they considered important during their property hunt.

Broadband and mobile connectivity were cited by 82% of homebuyers as an ‘important’ or ‘very important’, replacing the garden and/or outdoor space (76%) as the single most important factor.

A property’s proximity to public spaces and parks (74%) is up one place since 2021, alongside the quality and finish of the property (74%), which also shares the third-place spot.

Interestingly, the factor that has risen the most in the list is transport links (74%), which has jumped eight places from 14^th in 2021 to sixth in 2024.

Conversely, the factor that has fallen the most is the potential for extensions and conversions (62%), dropping from eighth to fourteenth.

Similarly, the square footage of a property (72%) has fallen from second in 2021 to seventh this year, underlining that people’s outlook has transformed once again since the Covid era.

Paresh Raja, CEO of Market Financial Solutions, said:

“Homebuyers’ priorities changed radically during the pandemic.

But the speculation was whether those changes were temporary or permanent – and our research shows there have indeed been some interesting shifts back to pre-Covid times.

The increased importance of transport links clearly indicates changing work patterns, with more people needing properties in well-connected areas as fully remote work becomes less common.

Meanwhile, the fact people are placing less emphasis on square footage and the potential for extensions suggests a shift towards convenience and connectivity over expansion, marking the end of the Covid-inspired ‘race for space’.

It will be intriguing to see how these trends play out in the years ahead, particularly as the new government accelerates its plans for building new homes and towns.

For lenders and brokers, our findings show that the specialist lending sector must continue to tailor its products and services to meet the ever-evolving needs of homebuyers.”